Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1887-12-23
FRIDAY MORNING. DEC. %. 1857.
COMMON SENSE PREVAILS-NO
MORE SO-CALLED "NEGO-
IIATIONS"

1IATIONS."
In Richmond last Saturday. and 10 the
same building in which the Legislative
Commission met their representatives ia9'
March, the Finance Committees OF the
Virginia Senate and House again met
representative of that uudefnabie and IN
cipherable quantity the English b9ndhol~
,lers.' In March last their representa-
lives, Messrs Thorn Oh and Braith"a!1e
couldn't tell the Commission how many
bondholders they represented. Last Sat
urday Mr.. W. L. Royal couldn't tell the
committees what bis clients would agree
to. In fact Mr.. Royal could say nothing
positively dead sure except that he wanted
a month to go to England and ''adViSe2
the English Bondholders'' (alwaSs pre-
Stunning he could find them) to come to a
basis of settlement-which he named in
confidence to the two committees and
which cannot be prblisted-and if tie
said bondholders (if he could find then1l
didn't agree to his basis be would re-
sign his position as their counsel. lie
also informed the two committees that ''lf
the State would stand UP to the Riddle
berger Bill would undertake TO promise
that the creditors would fund under 1t. I
Now coaceding Mr.. Royals perfect sin
cerity in the matter. let us see what chance
he stands to settle the debt. In March last
the Legislative Committee offered the
British Commission principal Of $24,-
d.. iof, N ;cS Il
ded 50 900 900 more than that. Nobody
expects the bopdholdeEs to give up as
much principal as that unless their cause
is already made hopeless by the recent de-
c.sfon of the Z. S. Supreme Court There
is no ssbasis' that Mr.. Royal can suggest
that both the creditors and Virgins would
be willing TO take, and his mission to Eng
land in that regard has fail ed before it is
undertaken.
But there is suggestion that he no
doubt proposes to make to the bondiloid-
ers-or those he can find (Which will never
find rati ficatioD. He says if Virginia
islands up to" the Riddleberger bill q
settlement can now be made. In this
standing up" there is more than appears
on the surface. It means that Virginia is
to indemnify the boodholders to the eX-
tent of $2,e13,36 for loss Of interest
caused by their own act in refusing TO
fund under the Riddlebergar Bill. In her
effort to force the creditors to fund under
that bill. Virginia passed an act forfelt::;::S
all interest ''maturing after June Let,
Mr..
Royals legal advice. perfectly sure Of
finally forcing the State through the Fed
eral Courts to pay in full. paid no atten-
ton to this act. 1t is this amount, accruing
since 1885, that will be sought to be fund
ed. under the term 'St iuding up to" the
Riddleberger bill. In brief, Virginia said
to the creditor, do this by certain Lime
and your interest comes in under the bill,
and the creditor wishes now to say | didn't
do 1t, thought could make you do bet
ter; this three millions piled up while [
was waiting, and now think you ought
to pay me for the time lost in dragging
you through the Federal courts. No Viz
ginia legislature will ever concede that
in fact the State is not financially able to
make good the concession If she were to
grant it. She cannot pay an additional
$4,000 year interest on this IS ,000,0
OF funded interest.
This was the outlook when the two
Finance Committees-or rather d maj0rity
oftheir members. adopted soi1e resolutions
quite as undefnable and uncipilerable as
that unknown quantity the ''Engish
Bondholders." After a ''whereas.7 that it
was ''authoritatively represented - that "a
proposition will probably be made by the
boudholders, they recommended /, res
Olution suspending ''all proceedings of the
Commonwealth against parties who have
heretofore rendered coupons foc. taxes;
and 2, resolution that the IDEA that "a
settlement more favorable to the creditor
than the Riddleberaer bill" will ever
be made is utterly Elusive and ground
less" This climax of contradictory nom
sense having been reached 1t srini ses
adjourned.
In strong contrast with this, is the com
men sense dissenting and minority report
Of Senator Koiner, of Augusta, who is
Chairman of the Senate Finance commit
tee. In it he sets forth that the funding
of the debt is now progressing as fast as
the clerks can attend to it; that about
$13,000,O00 have already been funded
under the Riddlebergef bill, and that:
''Your committee fails to see sufficient rea
son for encouraging reopening of this vexed
question to negotiation, with its consequent
I Il
gestions of the ATTIC rney -at-law of the foreign
bondholders association, that he viii advise
his clients to settle on some basis satisfactory
to the State, but who expressly states that he
is not authorized to make any proposition at
present. A suspension of proceedings as
recommended aud formal reopenipg of ne
gotiations would impair confidence in the
purpose of the State to adhere to the settle
ment which she has laid down and is pro- ,
ceeding under"
Mr.. Koiner also closes his report with
the resolution (Which in has report has
weight and meaning,) that any hope of the
creditors for other than the Riddleberger
settlement is ''utterly Elusive and ground
less.''
In the end, oar readers will be glad TO !!
know the common sense view prevailed, |
ana on wednesday, JnSt before adjourn .
ing, the following report was adopted by /
both houses of the legislature: /
''Your committee to whom was referred SO !
much of the Governors message as relates to !
the suspension for reasonable time of the in /
stitution of all legal proceedings under the act |
of May 10, 1887, recommend that it is mex
pedient to legislate upon the subject" |
OUR NEW SEM TOR.